Barry Stricklin

BOSTON — The Consumer Financial Protection Bureau’s qualified mortgage rule that limits closing costs to 3% of the loan balance will have such a big impact on Midwestern credit unions, one Minnesota-based executive said he’d lose money if he complied.

Although many credit unions may not have realized it, the second version of the federal government’s Home Affordable Refinance Program is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.